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Cat's unemployement and participation arn't two sides of the same coin, you could have 0% unemployment and yet a low participation rate. You have to know what the statistics are used for and it certainly isn't to inform the uninformed.
You want to know which way the economy is headed have a look at the job vacancies and job advertised statistics
United States Job Vacancies | Actual Data | Forecasts | Calendar
what this says is the job market has firmed but not grown significantly
If you look at the participation rate you find, fairly obviously, is that it is the men who are dropping out more strongly than the women and this could be structural as the traditional forms of employment are in transition. Also the participation rate is higher today than it was in 1950 when you had 90% of men participating because of the number of women participating so dispite all the carping things arn't that bad over the long term. The recent fall off is of concern